Mahindra Lifespace Developers ventures into redevelopment projects; stock climbs ~3%

19 Jan 2023 , 09:43 AM

Mahindra Lifespace Developers, the Mahindra Group’s real estate and infrastructure development arm, has entered into redevelopment projects in Mumbai.

The company will build two adjacent housing societies in the city’s Santacruz suburb. Following the completion of due diligence, the developer and both societies will sign definitive documents. The project is expected to generate around Rs500 crore in revenue.

Due to the scarcity of vacant land parcels, particularly on the island, Mumbai has few opportunities for greenfield development.

Mahindra Lifespaces has built over 10.77 million square feet in the Mumbai Metropolitan Region. It has a total footprint of 32.14 million square feet of completed, ongoing, and upcoming residential projects in seven Indian cities.

At around 9.41 AM, Mahindra Lifespace was trading 2.27% higher at Rs357.25, against the previous close of Rs347.80 on NSE. The counter opened at Rs353.80 and touched an intraday high of Rs359.50.

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